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Since the commencement of the CBD and South East light rail construction in October 2015, the Sydney CBD has undergone much disruption. Retailers on George Street have been affected the most, with some operators reporting revenue declines in excess of 50%. Nevertheless, rents along George Street have continued to rise at faster rates than other CBD locations, pushing occupancy costs into the upper bounds of affordability. With the retail trade environment expected to experience a period of slower growth over the next 2-3 years (and having recorded weak growth of only 2.4% y-o-y to December 2017), the completion of construction works in early 2019 is set to bring welcome news for embattled retailers along the strip and signal a structural shift in the Sydney CBD leasing market.